Automaker Nissan Motor Monday said it would spend more than $17.5 billion over the next five years as part of its carbon neutrality plan to electrify half of the vehicles it sells globally by 2030.

The auto giant said the 2-trillion yen ($17.6 billion) strategy involves launching 23 new electrified models, including 15 fully electric vehicles (EV) and eight hybrids, across the Nissan and Infiniti brands.

The Japanese automaker, in a statement, said it intended to increase its electrification sales mix in Europe by 75 percent by 2026 (between Apr.1, 2026, and Mar.31, 2027). EFE